IC14 Mock Test Sample 19
These questions highlight key insurance practices, regulatory norms, and consumer protection guidelines. Important topics include ULIP charges, nomination rules, and assignment effectiveness. IRDAI regulates proposal processing timelines, ensuring decisions are communicated within defined periods. Legal frameworks like the Transfer of Property Act apply where insurance law is silent. Concepts like smurfing and cross-border transactions are crucial in anti-money laundering efforts. Schemes like Janshree Bima Yojana provide social security through group insurance. Claim settlement timelines and nominee rights ensure policyholder protection. Understanding these concepts is essential for insurance exams as they cover compliance, operations, and regulatory frameworks governing the insurance sector in India.
1. To whom shall the amount be payable which is secured by a policy?
a) Survivors
b) Assignee
c) Assignor
d) Shareholders
2. Appeal in National Commission can be made subject to deposit of ______ of the amount awarded or _____ whichever is less.
a) 10% , Rs 35,000
b) 20% , Rs 35,000
c) 30% , Rs 35,000
d) 40% , Rs 35,000
3. Who holds a license to act as an insurance agent for one life or general insurer?
a) Composite Insurance Agent
b) Insurance Agent
c) Insurance Broker
d) Corporate Insurance Agent
4. The policy administrative charges for a ULIP cannot be _________.
a) More than 1% per annum
b) More than 2% per annum
c) More than 3% per annum
d) More than 4% per annum
5. When the Insurance Act is silent about transfer of policy, which act applies?
a) Contract Act
b) LIC Act
c) IRDAI Act
d) Transfer of Property Act
6. If ULIP top-ups are not linked to sum assured, they will not be subject to any ________.
a) Financial underwriting norms
b) TDS deductions
c) Income tax deductions
d) Penalties for late payments
7. Who can charge a fee not exceeding one rupee for nomination changes?
a) Underwriter
b) Authorised broker
c) Assignee
d) Insurer
8. Minimum turnaround time for processing proposal and communication is ______ days.
a) 7
b) 10
c) 12
d) 15
9. What do cross border elements bring to money laundering efforts?
a) Legality
b) Scale
c) Credibility
d) Foreign Exchange
10. What is the Janshree Bima Yojana of LIC?
a) Term insurance plan
b) Women centric insurance plan
c) Personal insurance scheme
d) Group Insurance Scheme
11. Proposal decision must be conveyed within ______ days.
a) 7
b) 15
c) 21
d) 30
12. The processing time is 15 days refers to ______.
a) Right to Investigate
b) Right to Implement
c) Right to Information
d) Right to Insure
13. Assignment is effective against whom once registered?
a) Insurer
b) Nominee
c) Assignee
d) Assignor
14. Declaration must be made that no claim filed before any other ________.
a) Insurance Ombudsman
b) Forum or Tribunal
c) Consumer authority
d) Consumer council
15. Full form of NDPS Act is ________.
a) Narcotic Drugs & Psychosis Substance Act
b) Narcotic Drugs & Psychotropic Substance Act
c) Narcotic Dosage & Profiteering Substance Act
d) Narcotic Drugs & Pharma Substance Act
16. International organization monitoring money laundering should have a ______.
a) Straight forward view
b) Complex view
c) Micro level view
d) Macro level view
17. Making small deposits to avoid detection is called ________.
a) Telegraphic transfer
b) Underground banking
c) Smurfing
d) Phishing
18. ______ under MWP Act policies are all consumers.
a) Proposer
b) Agent
c) Collector
d) Policy Holder
19. What determines the sum assured?
a) Riders attached
b) Lock-in period
c) Top-up capacity
d) Policy term
20. Insurer must offer claim settlement within ____ days after survey report.
a) 5
b) 10
c) 15
d) 30
